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Article

14 May 2014

Author:
Allan Seccombe, Business Day (So. Africa)

Amplats CEO justifies his pay [So. Africa]

Anglo American Platinum (Amplats) CEO Chris Griffith has come out swinging against criticism of executive and management bonus-share schemes, saying the debate should be about affordable wages and job creation...Mr Griffith, his 11 executives and top management have been awarded R25.3m ($ 2,4m ) in a bonus-share scheme that will pay out in three years...A further R51.8m ($ 5m) would be awarded...if...performance criteria were met. The Association of Mineworkers and Construction Union (Amcu), on a [16 week] wage strike at Amplats, Impala Platinum and Lonmin, said...the top management of those companies was earning 209 times what the lowest-paid workers were paid... Amcu is demanding the basic monthly entry-level wage...be raised to R12,500 ($1,206) from R5,700 ($550). Frans Baleni...of the National Union of Mineworkers, said..."It’s important that workers be paid a decent wage...You don’t want poor workers who can’t afford to live. "...If you look at...executives, there’s no tightening of belts in earnings. Only one side has to always do that,"...